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    Vacant Lot in Clinton Hill Title is generated by Realmo AI

    63 Irving Place, Brooklyn, NY 11238

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    Claim this Listing
    For Sale
    $499,999

    LAND - Brooklyn, NY

    Lot size:
    0.02 Acres
    Added:
    Jan 13, 2026
    Days on Market:
    134
    Last Refresh:
    May 27 at 8:06 pm

    Property Features for 63 Irving Place

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R6B
    Standard status
    Active
    APN
    01984-0005
    Lot size
    0.02 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    240

    We can help!

    Listing Contact
    Etan Hakimi

    Listing agent Etan Hakimi

    Listing office Mitra Hakimi Realty Group LLC 62 Berkshire Rd, Forest Hills, NY

    Listing date Jan 13, 2026

    MLS# 948470 Listing URL

    Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime vacant lot in highly desirable Clinton Hill, Brooklyn.
    • R6B zoning offers strong potential for a boutique residential project.
    • Located on a quiet, tree‑lined block surrounded by classic brownstones.
    • Convenient access to Fort Greene Park, Myrtle Avenue, restaurants, and shops.
    • Easy access to transportation via C and G subway lines and bus routes.
    • Rare opportunity in a well‑established neighborhood with high demand for housing.

    Overview

    Located at 63 Irving Place in Clinton Hill, Brooklyn, this vacant lot presents a prime opportunity. The lot measures approximately 12.75 feet by 53 feet, totaling about 676 square feet. It is situated within an R6B zoning district, offering strong potential for development. The property is located on a quiet, tree-lined block surrounded by classic brownstones and well-maintained townhomes, creating an ideal setting for a boutique residential project. Clinton Hill is known for its historic charm, wide streets, and vibrant community atmosphere. The area offers convenient access to Fort Greene Park, Myrtle Avenue, and a variety of acclaimed restaurants, cafes, and neighborhood shops. Nearby cultural and educational institutions, along with community gardens and local amenities, contribute to the area's strong residential appeal. Transportation is easily accessible via the C and G subway lines and multiple bus routes, providing a smooth commute to Manhattan and other parts of Brooklyn. The lot size is approximately 0.0155 acres. This property presents a rare opportunity in a well-established neighborhood where demand for quality housing remains high.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.959645
    Latitude
    40.683212

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    FAQs

    What type of property is this?
    Residential land & home lot - Vacant lot in prime Brooklyn location with residential development potential.
    Where is this residential land & home lot located?
    The property is located at 63 Irving Place Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $499,999.
    What are key features of this property?
    This property features: Prime vacant lot in highly desirable Clinton Hill, Brooklyn.; R6B zoning offers strong potential for a boutique residential project.; Located on a quiet, tree‑lined block surrounded by classic brownstones.
    (718) 268-5588
    We can help!
    Listing Contact
    Etan Hakimi
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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